DeFi

Zyfi raises $2M from Everstake, Tenzor and other top VCs to advance DeFi transactions on zkSync

Published

7 months ago

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Key takeaways

  • Zyfi completed a $2 million private funding round from Everstake Capital, Momentum8 and others.
  • Zyfi leverages native account abstraction on zkSync to enable flexible gas payments with any ERC-20 token.

Zyfi raised $2 million in a private funding round to advance DeFi transactions on zkSync. The company, which operates as Paymaster-As-A-Service, allows any token to be used as gas to enhance the on-chain experience through native account abstraction.

The funding round saw participation from several leading venture capital firms, including Everstake Capital, Criterionvc, NxGen, Majinx Capital, v3ntures, Momentum8, Tenzor Capital and Apvc.capital, among others.

Zyfi’s platform has already made it easier on 815,000 transactions and has served over 110,000 users on zkSync, providing gas-free transaction solutions and integrating with leading protocols such as Zerolend and Pancakeswap. Using a versatile API, Zyfi allows decentralized applications (dApps) to offer their users the option to pay gas fees with any ERC-20 token, or even have these fees sponsored, thereby reducing complexity and improving the user experience.

The heart of Zyfi innovation lies in its use of native account abstraction on zkSync, which treats external accounts (EOAs) as smart wallets, thus expanding the scope of its application. This technology not only simplifies transactions, but also democratizes access, allowing a wider range of users to interact with DeFi products without the typical hurdles associated with Ethereum gas fees.

  • “At Zyfi, we are committed to addressing critical challenges within the DeFi ecosystem and enabling builders to create seamless DeFi experiences for users,” Zyfi founder Gauthier Vila said in a statement.
  • According to Vila, this allows developers to focus on improving their products with an API that simplifies the intricacies of the protocols.

“At Zyfi, we are committed to addressing critical challenges within the DeFi ecosystem and enabling builders to create seamless DeFi experiences for users. Our technology allows developers to focus more on their products rather than the intricacies of blockchain protocols.

Denys Vashchuk, General Partner at Everstake Capital, said: “ZyFi accelerates the adoption of zkSync and enables developers to prioritize innovation, improving the user experience without distraction. This is the must-have tech stack for every dApp developer, backed by a strong team, technology, and vision.

The company plans to use the funds for several projects, including the development of software development kits (SDKs) and further enhancements to Paymaster services. Additionally, the funding will support the exploration and implementation of new blockchain standards such as EIP-7702 and advocate for broader account abstraction across chains.

Read also: Aragon Unveils Multi-Chain Governance Solution, Expanding Ethereum’s Scalability

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